How do I claim my father's fixed deposit after his death?

Nominee or survivor

A registered nominee submits the bank's claim form, the death certificate, the original deposit receipt and their identity, address and bank proof. A surviving joint holder of a deposit held "either or survivor" or "former or survivor" simply continues as the holder on the death certificate — no claim form is needed, though the survivor still holds the money subject to the heirs' rights.

Closing early, or letting it run

The Reserve Bank directs banks not to charge a premature withdrawal penalty when a deposit is closed on the depositor's death, and to pay interest at the contracted rate to the date of payment — or, for a deposit that had matured, at the savings rate for the period after maturity. If the rate is good and the money is not needed, the claimant can instead leave the deposit to maturity, transferred into their name.

Without a nominee

Below the bank's internal limit: an affidavit of heirship, NOCs from the other heirs and an indemnity bond, often with a legal heir certificate. Above the limit, a succession certificate from a civil court. A large fixed deposit with no nomination is the single most common reason a family ends up needing one — which is exactly what registering a nominee prevents.

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Related

• How do I claim my father's bank account after his death?
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• Do I need a succession certificate, and how do I get one?